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Panacos Sells HIV Drug for $7M

Watertown, MA-based Panacos Pharmaceuticals (NASDAQ:PANC) says it has sold its lead HIV drug candidate, bevirimat, to Myriad Pharmaceuticals of Salt Lake City for $7 million. Panacos, a developer of antiviral drugs, said it would seek financing options late last year when it disclosed that it agreed to early repayment of a $20 million loan to lender Hercules Technology Growth Capital.